22 September 2026
The UAE Ministry of Finance set the annual profit rate on the second issuance of its Sovereign Retail T-Sukuk at 5.06 per cent on 22 September 2026. The paper carries a five year tenor, a minimum subscription of AED 1,000 and profit distributions every six months. Subscriptions open at 08:00 on 23 September 2026 and close at 14:00 on 28 September 2026, against a target issuance size of AED 50 million. The debut retail issuance in June had a two year tenor and a 4.30 per cent rate, so the second offering pays 76 basis points more for three additional years of maturity. Allocation falls on 29 September, settlement on 30 September, and trading on Nasdaq Dubai starts on 1 October 2026.
The rate, and what a minimum ticket actually pays
The 5.06 per cent rate is fixed for the life of the instrument and paid in two instalments six months apart. On the minimum ticket of AED 1,000 that works out at AED 50.60 a year, or AED 25.30 every six months, before any fees charged by a bank or broker. On AED 10,000 it is AED 506 a year, AED 253 each half year, and AED 2,530 across the full five years if the holder keeps the paper to maturity and every scheduled distribution is made.
The Ministry describes the rate as set in line with prevailing market conditions. The sukuk is issued at par value, denominated in UAE dirhams, structured as a Shariah compliant Ijarah or Murabaha instrument and backed by the federal government. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, said the second issuance builds on the investor demand generated by the inaugural offering and is intended to strengthen retail access to government investment products.
The subscription calendar, hour by hour
The Ministry published exact hours rather than calendar days, which matters for anyone who leaves the application to the final morning.
- 23 September 2026 at 08:00: the offering opens.
- 28 September 2026 at 14:00: the offering closes.
- 29 September 2026: allocation.
- 30 September 2026: issuance and settlement, with any excess subscription money refunded by that date.
- 1 October 2026: admission to trading on Nasdaq Dubai.
Receiving banks routinely close their own in app window ahead of the market deadline, so the operative cut off is the one published by the bank used for the subscription rather than the 14:00 market time.
Who can subscribe and through which channel
Eligibility sits at the level of the individual. A subscriber must be a UAE national or a UAE resident holding a valid Emirates ID, and must hold a DFM National Investor Number, known as the NIN. Companies do not subscribe to the retail tranche. For business owners that distinction is the practical one: this is an instrument for money held in a personal name, not a home for corporate treasury balances.
Applications run through the DFM eIPO platform, the iVestor app, the DFM app and the digital channels of the receiving banks. Emirates NBD acts as lead receiving bank. Emirates Islamic, Abu Dhabi Islamic Bank, Ajman Bank, Mashreq, Abu Dhabi Commercial Bank and First Abu Dhabi Bank also accept subscriptions. Every one of those routes runs through an app rather than a branch counter, which makes a working UAE bank account and a verified NIN the real prerequisites. Residents who still have to open an account can start with our bank account opening service and with the UAE bank account opening guide, which sets out the documents and timelines banks ask for.
The second issuance against the first
| Feature | First issuance, June 2026 | Second issuance, September 2026 |
|---|---|---|
| Tenor | 2 years | 5 years |
| Annual profit rate | 4.30 per cent | 5.06 per cent |
| Minimum subscription | AED 1,000 | AED 1,000 |
| Target issuance size | AED 50 million | AED 50 million |
| Profit distribution | Every six months | Every six months |
| Secondary market | Nasdaq Dubai from 2 July 2026 | Nasdaq Dubai from 1 October 2026 |
The debut issuance explains why the second one arrived in this shape. It was launched with a target of AED 50 million, drew AED 445 million in orders and was upsized to AED 100 million. Roughly 76 per cent of the demand came in tickets of AED 10,000 or less, 72 per cent of subscribers were UAE nationals, and about 45 per cent were either under 25 or women. Our earlier coverage of the first retail T-Sukuk and of the second issuance announcement sets out the programme mechanics in full.
The other route: fractionalised T-Sukuk
The retail programme has a second channel that stays open after the subscription window closes. Fractionalised T-Sukuk let investors buy fractional interests in T-Sukuk that are already listed, through the digital platforms of participating banks, from a minimum of AED 4,000. Each unit represents a pro rata ownership interest in the underlying government sukuk and mirrors its structure and distribution schedule.
The economics differ in two ways. Maturities range from under one year up to five years depending on what is available in the market, and pricing is market based rather than at par. Participating banks charge a buy fee of 0.25 per cent and a sell fee of 0.25 per cent, with no redemption fee at maturity. Anyone who misses the 28 September deadline can therefore still reach the same underlying paper, at a market price rather than the issue price.
What it means for business owners in the UAE
Three points are worth separating out. First, the rate is a benchmark. A federally backed five year instrument paying 5.06 per cent gives a clean reference for what idle personal savings should earn in the UAE, and a reason to ask what a bank deposit at a lower rate is buying in exchange.
Second, the instrument sits outside the company. Since only individuals with a NIN can subscribe, a founder who wants exposure does it in a personal name, and any transfer of money out of a company to fund it remains an ordinary shareholder distribution that has to be documented like one. Owners planning that step usually revisit their structure first, and our guide on mainland and free zone companies in the UAE is the starting point for how profit extraction differs between the two.
Third, the tax position is straightforward and comes from the Ministry itself. The UAE imposes no personal income tax, so profit distributions and principal repayments are not subject to local income tax. VAT and other charges may still apply to fees or commissions billed by participating banks or platforms, which is why the fee schedule of the chosen bank is the number to check rather than the headline rate.
How Atlant Capital can help
- Opening a UAE personal or corporate bank account, the practical prerequisite for a NIN and for any subscription through a bank app, covered on our bank account opening page.
- Setting up or restructuring a UAE company, including the choice between mainland and free zone and the effect of that choice on how an owner takes profit out, on our company setup page.
- Residence visas for owners and staff, including the documentation and medical steps, on our work visa and residency page.
- Corporate tax registration and the ongoing compliance calendar, so a growing UAE entity keeps its filings clean while the owner moves money between personal and company accounts.
Conclusion
The second retail T-Sukuk is now fully priced: 5.06 per cent a year over five years, from AED 1,000, paid twice a year and tradable on Nasdaq Dubai from 1 October 2026. The offering is open for five and a half days, from 08:00 on 23 September to 14:00 on 28 September, and runs entirely through the DFM platforms or the apps of seven receiving banks. For residents and business owners in the UAE the decision is narrow and dated: the subscription route closes on 28 September, and after that the same paper is reachable only at a market price, either on Nasdaq Dubai or through the fractionalised channel from AED 4,000.
Source: Gulf News, UAE Ministry of Finance.
FAQ
What is the profit rate on the second UAE retail T-Sukuk?
The UAE Ministry of Finance set the annual profit rate at 5.06 per cent on 22 September 2026. The rate is fixed for the five year life of the instrument and paid every six months. The first retail issuance in June 2026 paid 4.30 per cent over a two year tenor, so the second issuance pays 76 basis points more for three extra years of maturity.
When does the subscription window open and close?
Subscriptions open at 08:00 on 23 September 2026 and close at 14:00 on 28 September 2026. Allocation takes place on 29 September, issuance and settlement on 30 September, and trading on Nasdaq Dubai begins on 1 October 2026. Individual receiving banks often close their own in app window earlier than the 14:00 market deadline.
Who can buy the UAE retail T-Sukuk and how?
It is open to UAE nationals and UAE residents holding a valid Emirates ID who also have a DFM National Investor Number. Companies cannot subscribe to the retail tranche. Applications go through the DFM eIPO platform, the iVestor app, the DFM app or the digital channels of Emirates NBD, Emirates Islamic, Abu Dhabi Islamic Bank, Ajman Bank, Mashreq, Abu Dhabi Commercial Bank and First Abu Dhabi Bank.
What if I miss the 28 September deadline?
Two routes remain. The sukuk lists on Nasdaq Dubai on 1 October 2026 and can be bought on the secondary market at the prevailing price. Alternatively, the fractionalised T-Sukuk channel gives access to already listed government sukuk through participating bank platforms from AED 4,000, with a buy fee of 0.25 per cent, a sell fee of 0.25 per cent and no redemption fee at maturity.
